Part of the financing for purchase was a $24 million loan, Kushner Cos. said.

The Princeton hotel, located at 100 College Road E., recently underwent a $10 million renovation, according to the developer. The renovation included updates to its 38,000 square feet of meeting and public spaces. The property also has indoor tennis courts, swimming pools, the Iron & Ivy restaurant and a full service spa.

In June, Kushner reportedly began investing $2 billion into a new hospitality platform, according to the Commercial Observer. Kushner Companies is focusing on acquiring hotels with conference facilities, it said.

The company, which has a large real estate portfolio in New Jersey and New York, recently began re-investing in the Garden State.

This summer, the company purchased two Long Branch properties -- single-family homes -- for a total of $4.15 million. Both were next to Pier Village, a beachfront mixed-use community that it also owns. In May, it bought Bungalow Hotel in Long Branch. It also acquired Prospect Place, a 360-unit multi-family rental property in Hackensack, earlier this year.